Foreign Investment Promotion Board
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The Foreign Investment Promotion Board (FIPB) is a national agency of India, with the remit to consider and recommend foreign direct investment which does not come under the automatic route.
It offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route.[1] FIPB comprises Secretaries drawn from different ministries with Secretary, Department of Economic Affairs, MoF in the chair.
With the shifting of the FIPB to the Department of Economic Affairs, Ministry of Finance, the FIPB has been reconstituted as under:
- Secretary, Department of Economic Affairs Chairman
- Secretary, Department of Industrial Policy & Promotion Member
- Secretary, Department of Commerce Member
- Secretary, (Economic Relation), Ministry of External Affairs Member
The Board would be able to co-opt Secretaries to the Government of India and other top officials of financial institutions, banks and professional experts of industry and commerce, as and when necessary
Ceiling raised for FIPB clearance
- In a significant move aimed at expediting flow of foreign investment into the country, the Union Cabinet liberalised the foreign direct investment (FDI) policy further by allowing the Foreign Investment Promotion Board (FIPB) to clear proposals from overseas entities worth up to Rs. 1,200 crore, against the existing limit of Rs. 600 crore.[2]
- Proposals involving total foreign equity inflow of more than Rs. 1,200 crore would be placed for consideration of the Cabinet Committee on Economic Affairs (CCEA).
